European stock markets steady

and as Athens sought to finalise a new EU/IMF bailout deal.
London’s benchmark FTSE 100 index fell 0,11 percent to 5 841,64 points in midday trade, and in Paris the CAC 40 index lost 0,24 percent to 3 880,86, while Frankfurt’s DAX 30 added 0,12 percent to 7 082,40.
In foreign exchange deals, the European single currency stood at US$1,4490 from US$1,4491 late in New York last Thursday.
“The FTSE 100 treaded water for much of the morning session as traders eyed the all-important US jobs data with caution after severely disappointing economic data earlier in the week,” said City Index analyst Joshua Raymond.
“A natural consequence of the poor US data from Wednesday has been to restrict much buy side activity going into the non-farm payroll figures, as traders are unwilling to add too much risk to their portfolios.”
The consensus estimate for the net non-farm jobs created was slashed to 169 000 last Thursday, from the previous forecast of
185 000.
Across in Europe, Greek newspapers reported that tortuous four-week talks with the EU, the IMF and the European Central Bank for a critical tranche of loan funds had concluded and that announcements were expected later last Friday.
Athens needs an instalment of US$17 billion, part of an overall 110-billion-euro-loan rescue from the three organisations, to pay next month’s bills.
But with its economy still in the doldrums, Greece is also trying to broker additional loans from the so-called “troika”, which rescued it from bankruptcy last year.
“It seems like fears about the Greek sovereign debt crisis have been replaced by fears over global growth as the chief driver of risk appetite,” noted analyst Kathleen Brooks at trading site Forex.com.
“The IMF/EU and ECB are expected to make an announcement today that will report the findings of the troika’s audit on whether Greece is meeting its fiscal and privatisation targets under the current bailout plan. This announcement . . . will be key to Greece securing its next tranche of bailout funds due at the end of this month.”
European equities had fallen sharply lower last Thursday, joining a fierce global sell-off as concerns grew over a barrage of weak data.
Figures showing a smaller-than-expected drop in jobless claims last week added to the anxiety, while on Wednesday payrolls firm ADP said the private sector added 38 000 jobs in May, well below the 170 000 expected.
Asian shares mostly sank last Friday, with losses driven by the slew of miserable data and after a warning from Moody’s that it could downgrade the US debt rating.
Tokyo fell 0,66 percent and Sydney closed 0,38 percent lower, while Hong Kong dived 1,31 percent in value. However, Shanghai gained 0,84 percent on bargain hunting after the index hit a four-month low last Thursday.
Investors were given a weak lead from Wall Street, where the Dow fell 0,34 percent following a 2,22-percent plunge. – AFP.